Bullish Breakout! Dogecoin Price Prediction For August 2024

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On August 24, 2024, Dogecoin (DOGE), the world’s biggest meme coin gained massive attention from investors and traders following its consolidation breakout. In the last 18 days, DOGE had been moving in a tight range between $0.094 and $0.108 level.

Bullish Breakout in Dogecoin 

However, due to the potential interest rate cut announcement by Jerome Powell, it experienced a significant breakout. 

DOGE Price Prediction 

With this breakout, DOGE’s outlook has turned bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. According to expert technical analysis, there is a high possibility that DOGE could soar by over 15% to the $0.13 level in the coming days or even higher.

However, another crypto expert made a post on X (previously Twitter) stating that the DOGE meme coin is moving into the 3rd phase of the bullish cycle and experiencing a consolidation along the trendline. This is very similar to phases one and two. Additionally, whenever this consolidation occurs on the trendline, the DOGE price tends to skyrocket significantly, and this time DOGE could rise to the $2 or $4.5 level. 

DOGE’s Rising Open Interest and Price Analysis 

At press time, DOGE is trading near $0.113 and has experienced a price surge of over 8% in the last 24 hours. Meanwhile, its trading volume has increased by 70% during the same period, indicating higher participation from traders due to the recent breakout and Powell’s fed rate cute announcement. 

Whereas, DOGE’s open interest has also increased by 9% in the last 24 hours and continues to rise, according to the on-chain analytic firm CoinGlass. This increase in open interest suggests growing interest from traders and investors. 

Apart from DOGE, the overall cryptocurrency landscape is up by 4.6% in the last 24 hours. However, top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) have experienced a notable price surge of over 5.6%, 5.3%, 5%, and 5%, respectively, in the last 24 hours.